1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IRISSAK [1]
3 years ago
10

Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $9,100 of its accounts receiv

able from Leer Co. 29 Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions.
Business
1 answer:
Sidana [21]3 years ago
5 0

Answer:

(During write-off) March 11

Dr    Bad debt expense                     $9,100

Cr    Accounts receivable                  $9,100    

(at the time of collection) March 29

 Dr Accounts receivable                      $9,100    

 Cr Bad debts expense                        $9,100

 

  Dr Cash                                              $9,100

  Cr  Accounts receivable                   $9,100

Explanation:

On March 11, Dexter made an entry to write-off bad debts in the amount of $9,100. Dexter Co., charged it directly to Accounts receivable because the company uses direct write-off method. During the collection we have 2 steps to consider; First, On March 29 during the unexpected collection, Dexter shoud set up the reversal of the write-off entry which they had made last March 11. So we debit Accounts receivable and credit bad debts in the amount of $9,100. Second, is to record the collection, debit cash and credit Accounts receivable in the amount of $9,100.

You might be interested in
One way of shooting a bow is the bowsight aiming method. this method:
anyanavicka [17]
<span>the key to bowsight is to practice judging distance accurately. The shooter can keep both the eyes open while aiming. Its more versatile and takes longer time to become perfect.</span>
8 0
3 years ago
Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. Th
AfilCa [17]

Answer: The correct answer is "(A) Materiality.".

Explanation: The concept demonstrated is Materiality because by having a mechanism for preventing bad accounts through their strict requirements, they only recorded bad accounts when they actually existed, instead of making a provision.

6 0
3 years ago
How do countries develop a comparative advantage over their trading
GrogVix [38]
A would be the correct answer
7 0
2 years ago
Read 2 more answers
The Baldwin company will sell 100 units (x1000) of capacity from their Baker product line. Each unit of capacity is worth $6 plu
yKpoI14uk [10]

Answer: $2,210,000

Explanation:

From the question, we are informed that the Baldwin company will sell 100 units (x1000) of capacity from their Baker product line and that each unit of capacity is worth $6 plus $4 per automation rating.

We are further told that the Baldwin company will sell the capacity for 35% off. The amount they'll receive when the capacity is sold will be:

The cost per unit will be

= 6 + (4 × 7)

= 34

The worth of the capacity will now be:

= 100000 × 34

= 3,400,000

The amount received will be:

= 3400000 × (1-35%)

= 3400000 × 0.65

= $2,210,000

3 0
3 years ago
In​ _______, there are generally only a few large suppliers or sellers of a product or service.
Troyanec [42]
There are four types of market structures namely; perfect competition, monopoly, monopolistic competition and oligopoly. Perfect competition is where large number of small firms  compete with each other with a homogeneous product. In a monopoly market there is only one producer of a given product who determines the price of the product. In monopolistic competition the market combines the aspect of monopoly and perfect competition. In this case, In Oligopoly there are a few suppliers or sellers of a particular product.
8 0
3 years ago
Other questions:
  • Better Beverages purchased some fixed assets classified as five-year property for MACRS. The assets cost $108,000. The MACRS rat
    8·1 answer
  • Gipsi runs a manufacturing company. She recently invested in​ ________ computing devices because she wanted to improve productiv
    8·1 answer
  • What is one reason that more affluent individuals may experience better health?
    5·1 answer
  • Hailey purchased furniture for her living room and spent quite a bit of money. After she purchased it, she started regretting th
    12·1 answer
  • Which of the following is a claim against sporting goods giants such as Adidas, Puma, and Nike and the conditions in their inter
    12·1 answer
  • What is NCAA is what do it mean and stand for?
    14·2 answers
  • Daryl, the warehouse manager for Everything Paper, Inc., tells Hailey and Roberta that three pallets of paper need to be taken t
    12·2 answers
  • Suppose workers notice a fall in their nominal wage but are slow to notice that the price 0fthings (actual
    5·1 answer
  • Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Br
    11·1 answer
  • The recession of 20072009 made many consumers pessimistic about their future incomes. how does this increased pessimism affect t
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!